Montreal Exchange Wrightbar draws interest

But the announcement didn’t help Louvem’s shares because, although the eagerly-awaited hole 49 assays showed massive sulphides, grades were not economic. Instead, Louvem’s stock settled gently in the wake of Cominco and Teck’s buy up of 19% of partner Aur Resources’ shares.

For now, Aur remains in full control of the deposit but there is a feeling that majors such as Teck are readying to move in. Aur dropped $1.75 to $9.

Volume leader for the week was Wrightbar Mines which jumped 38 cents on more than two million shares to close at 50 cents .

“It is the director’s belief that Wrightbar was active and up because of a possible relationship between the new Aur orebody and Wrightbar’s 500,000 ton copper deposit (in nearby Bourlamaque Twp.),” president William Cluff told The Northern Miner. The orebody was outlined by previous owners of the property based on 500-ft drill holes and grades 1.5% copper. “Somebody should put some deep holes around * * * that orebody and see if they get lucky,” said Cluff.

Louvem’s majority owner, St. Genevieve Resources also traded heavily, gaining a cent to close at $2.46.

Trading nearly two million shares, Exploration Orex dropped 14 cents to $2.60. Orex gained more than a dollar to reach a 12-month high of $3.65 the previous week after releasing surprising assays from its Goldboro property in Nova Scotia.

Stratmin Inc. was a winner this week climbing 42 cents to close at $1.92. The company holds a 37.5% interest in the Fontana property near Amos, Que., in Duverny Twp. A report on the property was released this week by partner Jilbey Industries of North Bay, Ont. The report calls for a shaft to be sunk on the claims to investigate six mineralized zones.

A spokesman for Stratmin said the company wants to do another $350,000-worth of surface drilling before proceeding underground. Probable and possible reserves stand at almost one million tons of grade 0.165 oz gold per ton.

Dropping 30 cents to close at $1.74 was Societe Miniere Sphinx which recently announced that it would begin a heap leach test of low grade ore at its Duvay Twp. property. Initial studies by Lakefield Research indicate gold recovery of 65% is possible. The test will involve 50,000 tons of surface material grading between 0.08 and 0.1 oz gold.

Freewest Resources was up 35 cents on moderate trading.

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